Bluefield Solar Income Fund has entered into binding sale and purchase agreements to acquire five newbuild sub-5MW ground-mounted solar photovoltaic plants in the UK.
The total cost of the deal is £22.7m including transaction costs and working capital, Bluefield said.
The company said each plant is expected to become operational before 31 March 2017 and qualify under the 1.2 Renewable Obligation Certificate regime.
It added that three of the projects, which are lcoated in Essex, Leicestershire and South Wales, are being constructed by Parabel UK.
The two other projects are located in Staffordshire and Northamptonshire and are being constructed by Solar Century Holding.
The acquisition has been funded through the placing of new ordinary shares announced on 20 October which raised £60.6m.
Image: Morgue File
